European Stocks Fall Sharply as Debt Fears Hit Banks

European shares fell sharply on Monday amid renewed fears over the euro zone debt crisis and a warning from Deutsche Bank’s CEO on the outlook for banks.

The DAX led the losers, falling by over 5 percent, while stocks in London and Paris also fell sharply.

The biggest loser in Germany is Deutsche Bank after CEO Joseph Ackermann told a banking conference that the euro zone debt crisis could kill weak banks and stunt profits for the rest of industry for years to come.

Stocks in Asia had tracked Wall Street’s Friday close which saw the Dow lose over 250 points following news that the world’s biggest economy created no jobs in August.